Industry News

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Canada seen facing stiff global competition

(March 4, 2005) The Canadian economy is facing tough competition from developing nations, which could trim investment gains over the next two years, according to the latest Global Outlook report from Scotia Economics, entitled “What’s Hot and What’s Not.” The report predicts growth in Canada will be tepid, with strong commodity prices benefiting the resources […]

By Steven Lamb |March 4, 2005

2 min read

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Cold comfort: Manulife still facing questions over Portus

(March 4, 2005) Manulife’s pledge to refund all money invested in Portus products is providing some comfort to worried clients. But there are still questions as to how to the Portus offering slipped through Manulife’s compliance department and what will happen to the generous referral fees Manulife advisors received for recommending Portus, currently under investigation […]

By Doug Watt |March 4, 2005

2 min read

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Franklin Templeton to pay out $49 million

(March 3, 2005) Franklin Templeton Investments, the fifth Canadian mutual fund company to settle with the Ontario Securities Commission over market timing allegations, has agreed to the third highest settlement since the regulator began its year-long probe of mutual fund trading practices. The agreement, approved on Thursday at an OSC hearing, will result in Templeton […]

By Kate McCaffery |March 3, 2005

3 min read

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Portus fallout part 2: The irate investor

(March 3, 2005) What happens when an advisor recommends Portus to a client and then stops all communication when the firm’s assets are frozen? It’s not a pretty story, but you can probably guess the outcome. The advisor loses the client, who is left frustrated and upset. Debbie*, a single parent and business owner from […]

By Doug Watt |March 3, 2005

3 min read

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Lobbyist seeks higher CompCorp coverage

(March 2, 2005) In the federal budget tabled February 23, the government increased Canada Deposit Insurance Corporation (CDIC) coverage to $100,000 per depositor at member institutions, up from $60,000. This revision is great news for anyone with $100,000 sitting in their bank account or in GICs, but the budget did not increase protection to insurance […]

By Steven Lamb |March 2, 2005

2 min read

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Funds post strong gains in February

(March 2, 2005) Canadian mutual fund investors enjoyed a “formidable February” as the majority of investment fund categories turned in positive results, according to preliminary data from Morningstar Canada. Higher energy prices were again a major contributing factor to rising fund values, as natural resources topped Morningstar’s list of 32 fund indices, posting a single-month […]

By Steven Lamb |March 2, 2005

2 min read

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February fund sales rocket higher

(March 2, 2005) The last full month of the RSP season appears to have been particularly kind to mutual fund sales, according to preliminary data from IFIC. Based on early reporting from fund companies, the industry group is predicting net new sales of between $4.7 billion to $5.3 billion for February — welcome news after […]

By Steven Lamb |March 2, 2005

2 min read

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IFIC looking for guidance on foreign content

(March 1, 2005) IFIC is asking Canada’s securities regulators for guidance in the wake of the federal government’s proposal to scrap the 30% foreign content limit for RRSPs and pension funds. The mutual fund industry association held a meeting with fund managers on Monday and has contacted the Canadian Securities Administrators “to try to clear […]

By Doug Watt |March 1, 2005

3 min read

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CPP awareness still lacking, poll suggests

(March 1, 2005) If the growing number of Canadians opposed to mandatory retirement is any indication, traditional goals and dreams are shifting and retirement expectations are perhaps becoming more realistic. On the other hand, many people don’t have a solid understanding of pensions, and the personal planning needed to cover their income needs in retirement. […]

By Kate McCaffery |March 1, 2005

3 min read

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Briefly:

(March 4, 2005) Canada’s two main accountancy groups have called off talks aimed at a merger. Last May, Certified Management Accountants of Canada (CMA Canada) and the Canadian Institute of Chartered Accountants (CICA) announced the commencement of formal talks to create a single association that would have had more than 100,000 members. But the talks […]

By Staff |February 28, 2005

10 min read

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